Non -linked, With-Profits, Regular premium payment Money back plan.
Provides risk cover on the life of child during the policy term and number of survival benefits to meet the various financial needs of children.
Eligibility Conditions & requirements
For Basic plan
I. Minimum Age at entry for Life Assured : 0 years (last birthday)
II. Maximum Age at entry for Life Assured :12 years(last birthday)
III. Policy Term : [25-Age at entry] years
IV. Minimum/Maximum Maturity Age : 25 years
V. Minimum Basic Sum Assured : Rs.1,00,000
VI. Maximum Basic Sum Assured : No limit
VII. Mode of payment : Yearly, Half-yearly, Qly, Monthly(ECS only or through salary deduction -SSS)
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| LIC'S NEW CHILDREN'S MONEY BACK PLAN OF LIC |
Basic Sum Assured shall be in multiples of Rs.10,000/-.
Date of commencement of risk under the plan:
In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.
Date of vesting under the plan:
The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.
Rebates:
Mode Rebate:
Yearly mode : 2% of tabular premium
Half-yearly mode : 1% of tabular premium
Quarterly and monthly : NIL
High Sum Assured Rebate:
Basic Sum Assured Rebate (Rs.)
1,00,000 to 1,90,000 : Nil
2,00,000 to 4,90,000 : 2 per thousand Basic Sum Assured
5,00,000 and above : 3 per thousand Basic Sum Assured
Benefits
1) Death Benefit:
On death Before the Date of Commencement of Risk:
An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any shall be payable.
On death After the Date of Commencement of Risk:
An amount equal to sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
The premiums mentioned above exclude tax, extra premium and rider premium, if any.
2) Survival Benefit :
20% of the basic sum assured on completion of ages 18 years, 20 yrs & 22 years provided the policy is in full force.
3) Maturity Benefit:
40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Option to defer the Survival Benefit(s):
The policyholder will have the option to take the survival benefit (s) at any time on or after its due date but during the currency of the policy. In case of deferment of a due survival benefit(s) opted by the policyholder, the Corporation will pay increased survival benefit (s) equal to Survival Benefits % * Sum Assured * Factor applicable to Survival Benefit (s)
LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01)
LIC’s Premium Waiver Benefit Rider is available on payment of additional premium. This rider can be opted for along with the basic plan at the inception or at any time during the policy term provided the outstanding policy term of the basic plan is at least 5 years.
Loan Facility available after payment of full 3 years premium.
Maximum loan 90% of the Surrender value in case of in force polices
80% in case of paid up polices.
Surrender value
Can be surrendered at any time during the policy term provided premiums have been paid for full three years.
No foreclosure action under in force policies. Even if there is default in payment of loan interest